Johnson & Johnson and Switzerland’s Actelion Pharmaceuticals confirm that they have held preliminary discussions about a potential transaction. According to news reports, J&J has made two bids well above Actelion’s current market value of about $21 billion. The nearly 20-year-old Swiss firm is recognized for its development of endothelin receptor antagonists, which include the pulmonary arterial hypertension drug Tracleer and newer potential PAH blockbusters Opsumit and Uptravi. For the first nine months of 2016, Actelion had sales of $1.75 billion.